$ 0.019 3.76%
PlexCoin (PLX) Rank 3402
| Mkt.Cap | $ 0.00000000 | Volume 24H | 0.00000000PLX |
| Market share | 0% | Total Supply | 1000 MPLX |
| Proof type | N/A | Open | $ 0.02 |
| Low | $ 0.02 | High | $ 0.02 |
SEC’s Cyber Unit Files Fraud Charges Relating to PlexCoin ICO
It announced that a 2016 fundraising campaign had run afoul of securities law, but that the SEC would decline to prosecute those responsible. The hope was to get the cryptocurrency world to take securities laws more seriously without doing anything drastic. A diagram on the PlexCoin website illustrates the cryptocurrency's revolutionary architecture. "We acted quickly to protect retail investors from this initial coin offering's false promises," Robert Cohen, chief of the SEC's Cyber Unit, said in a statement. The US government has cracked down on a company it says is running a "full-fledged cyber scam," bilking as much as $15 million out of investors excited by the possibilities of the financial and technological revolution known as cryptocurrency.
PlexCoin (PLX) Price
But most ICOs have ignored the SEC's requirements. In the summer and fall 2017, PlexCoin has been offered as a new cryptocurrency. Several features have been promoted, such as PlexWallet, PlexBank and a PlexCard. And most importantly, it was promising returns of 1354% in less than a month.
Can quantum computing break Blockchain and Bitcoin?
Cryptocurrencies in their current form is a hopeless project. It is completely unsuited for regular payment transactions, because you cannot hold bitcoin without also speculating. I want to be able to pay for goods and getting paid for work without having the value of my wallet fluctuating plus minus tens of percent points on a daily basis. Plenty of coin are scams or 'get rich quick' schemes that sponsor the developers of a crypto project.
Actual cryptocurrencies are hard to understand and complicated to buy, especially for unexperienced people, and even more so when it comes to selling your cryptocurrency and spending your money. The Tribunal also ordered them to post its order on the sites’ home pages.Lastly, the Tribunal ordered Facebook Canada Ltd. to close the Facebook accounts of PlexCorps and PlexCoin. DL Innov inc. and Dominic Lacroix are also subject toordersissued by the Tribunal on June 13, 2017.The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector. Terms and conditions are a vital section of a whitepaper. They essentially reflect the contract made between an investor and the company making a given ICO.
A newer alternative, Ethereum, promises even more sophisticated technology and has been surging in value as well. Only time will tell and this will either fly or die, if you are holding good luck and enjoy the ride.
latest PlexCoin news
Join eToroIn this article, a whitepaper of a confirmed ICO scam, PlexCoin, will be analysed. PlexCoin was mentioned in our article about lessons learned from ICO scams. We have chosen this whitepaper as the focus of this article, because, as we wrote in another article, PlexCoin whitepaper could serve as an ICO red flag guidebook. Having some schmuck mint another billion Doge coins on a whim is not going to affect scarcity at all because those are pretty much the equivalent of monopoly money compared to Euros or Dollars.
Offering securities to the public without following SEC rules can get people in a heap of trouble. The SEC started with PlexCoin, but its enforcement of securities laws probably won't end there. In recent months, the SEC has been wrestling with what to do about ICOs.
Among other things, the developers of LCF coin claim that Rotschild&Co invested into this ICO, while the Rotschild company officially denies such information and warns potential investors of a possible scam. Despite that, many exchanges trust EarthCoin and offer trading it for other cryptocurrencies.
SEC Freezes Assets ICO PlexCoin
Our goal is to become one of your main information providers about this environment. At coinisseur.com we focus on unique content in the form of in-depth articles and interviews about blockchain and cryptocurrencies. You can also choose the form that suits you best, we provide written articles, interviews, and podcasts, often with investment in mind.
It refers to being able to transact with strangers with no intermediaries thanks to how blockchain transactions are cryptographically coded. Privacy overall could be considered one of Blockchain’s ideals. But some scammers, as shown below, twist the idea behind privacy, giving very sketchy excuses.
Finally, in July, Lacroix was forced by the court to return any bitcoins in his possession, and soon transferred $3.7 million in BTC to the court. As Radio Canada reported at the beginning of September, the assets of both Lacroix and Paradis-Royer remain frozen.
- Finally, in July, Lacroix was forced by the court to return any bitcoins in his possession, and soon transferred $3.7 million in BTC to the court.
- The true nature of this scam is not clear but, most likely, it is a Ponzi scheme in its late stage of impending collapse.
- You will also receive a PlexCard so that you can spend your money anywhere in the world in a safe and private way.
- Most ICOs are not outright scams, as the SEC alleges in this case.
So lets recap here a second, we have a new coin offering who has been sued before the presale window closes, their payment mechanism removed and their social media account closed. You will have access to your PlexWallet, with which you may manage your money. You will also receive a PlexCard so that you can spend your money anywhere in the world in a safe and private way. Not to mention PlexBank, which will offer you the possibility to secure and invest your cryptocurrency. Coinisseur.com is a brand new platform about blockchain and cryptocurrencies.
Assessing the skills, experience, and trustworthiness of the team is one of the essential steps of evaluating an ICO. Citing security as an excuse not to disclose the names of the team members makes no sense. ‘Trustless trust’ is a concept often mentioned within the Blockchain environment.
The PlexCoin whitepaper consists of two points. Basically, the contract states that it is governed by laws of Singapore, and any disputes should be first directed to mediation in Singapore. It’s a beaming, flashing neon screaming “NO. Since the initial offering of PlexCoin Tokens in August, tens of thousands of investors in the U.S. and Canada have purchased approximately 81 million tokens for a total of approximately $15 million.
Plexcoin is a notorious fake cryptocurrency startup company offering its own cryptocurrency token based on Ethereum. The advertised goals of the company include making cryptocurrency as easy to use as normal currency; it offers banking cards based on the VISA system that is linked to wallets. While there weren’t any cases of money loss to Plexcoin observed so far, the company is very secretive, heavily hinting that there is some kind of scam involved.
During their ICO, 15 million USD has been raised. However, on December 4th the SEC froze PlexCorp’s (company behind PlexCoin) assets and brought charges against the founder Dominic Lacroix, his partner, Sabrina Paradis-Royer, and the company for securities fraud.
The complaint notes that the defendants compared the supposed returns available to PlexCoin Token holders to those of other investments in ICOs and cryptocurrencies, which the defendants claimed were as high as 88,000%. Most ICOs are not outright scams, as the SEC alleges in this case.
The PlexCorps website shows various cryptocurrency-based services, but the US SEC says the company is a fraud. No crypto news related to PLX found, if you're aware of anything related to PlexCoin, please let us know. PlexCard can be used anywhere in the world and will be connected directly to your PlexWallet. It will give you the opportunity to spend your money in a totally confidential way.
Buy yourself a trip or a new smartphone, book a flight or buy an item on eBay. Your PlexCard will follow you wherever you go and you will moreover receive a discount of up to 10% (depending on the type of card you choose) in PlexCoin on all of your purchases.
Discuss: Cryptocurrency fundraising 'scam' frozen out by US
Go to your Bitcoin wallet which holds the $400 you had earlier purchased and transfer the desired amount to the address you had copied from plexcoin.tech. Plexcoin and its related services (PlexWallet, PlexCard and PlexBank) are being developed to revolutionize the use of cryptocurrency and to make it accessible to everyone. We have brought together four products under one banner, all interconnected and working together so that you can use your PlexCoin according to your needs.
The US Securities and Exchange Commission filed a lawsuit Friday against a company called PlexCorps, its principal executive Dominic Lacroix and his partner, Sabrina Paradis-Royer to stop them from receiving money from a fund-raising process called an initial coin offering. Its case persuaded a court to freeze the PlexCorps assets as a result, the SEC said Monday. On December 1, the United States Securities and Exchange Commission charged PlexCorps, a Quebec-based company, its principal executive, Dominic Lacroix and his partner, Sabrina Paradis-Royer in connection with PlexCorps’ Initial Coin Offering, or "ICO," which opened on August 8, 2017 and closed on October 1.
But scarcity is still assured because while there can be infinite coins, most of them are coins that people don't want, or want badly enough. The SEC isn't impressed and is arguing that PlexCoin has "all of the characteristics of a full-fledged cyber scam." The agency is seeking to freeze the assets of the PlexCoin project in hopes of getting investors' funds back to them. The PlexCoin website has a hilariously vague description of this supposedly revolutionary cryptocurrency. In July, the agencyfired a warning shot.
Feds shut down allegedly fraudulent cryptocurrency offering
In their description PlexCorp state“With PlexCoin, you will be able to undertake regular transactions and spend money with your PlexCard anywhere around the world. You will also have the option to send or receive funds from anyone, in a totally private way.With PlexWallet, you may exchange your PlexCoin for Bitcoins, Ethereum, Litecoin, or even buy and sell your PlexCoin for CAD, USD or EUR currency. We should also mention that while this whitepaper was SCREAMING “scam”, many other fraudsters are much better at imitating legit companies. But PlexCoins ridiculous claims made us laugh, so we decided to share some of the most insane statements. Almost a year since the initial asset freeze by the SEC, and there are still some investors on PlexCoin’s Facebook page asking for an update or for their money back… Let’s take a look at the whitepaper, and see if some of the troubles that followed the ICO could’ve been spotted earlier, and avoided by investors.
